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Need Info on Selling property in India
Hi
I am a GC holder and I am thinking of selling my house in India. Wanted to know what the tax procedures and implications of such a sale in India and in the US. So far I have not had any income from India and I don't have a PAN card.
The house was purchased 10 years back and my parents have been living in it. I understand that I need to compute the profit on the sale and pay long-term capital gains tax in India and for this I first need to get a PAN card. Any references for a reliable auditor in the Chennai area who can help with this?
I understand that I need to report this income in my US taxes and also that this has already been taxed in India and I may have to pay any difference in tax rates between the two countries if applicable? Any references for a reliable tax consultant in the San Francisco bay area who has experience in this?
Any other factors to keep in mind during this sale with regard to finance and tax implications?
Thanks in advance for any help.
I am a GC holder and I am thinking of selling my house in India. Wanted to know what the tax procedures and implications of such a sale in India and in the US. So far I have not had any income from India and I don't have a PAN card.
The house was purchased 10 years back and my parents have been living in it. I understand that I need to compute the profit on the sale and pay long-term capital gains tax in India and for this I first need to get a PAN card. Any references for a reliable auditor in the Chennai area who can help with this?
I understand that I need to report this income in my US taxes and also that this has already been taxed in India and I may have to pay any difference in tax rates between the two countries if applicable? Any references for a reliable tax consultant in the San Francisco bay area who has experience in this?
Any other factors to keep in mind during this sale with regard to finance and tax implications?
Thanks in advance for any help.
